 "Risk Technology Spend To Increase In 2010: Study")
While most financial institutions do not have a comprehensive or well-formulated strategy, most will increase risk technology expenditures in 2010, according to the latest findings from Chartis Research.
Chartis Research, an analyst for the global risk technology marketplace, has released its latest global rankings of the top 100 risk technology vendors, the RiskTech100. The report contains the key results of a survey of 824 risk technology buyers and end-users and reveals that 57 percent of respondents believe that their firms’ approach to enterprise risk management can be characterised as “a set of tactical/ reactive initiatives addressing specific gaps” (18 percent), or “a loose concept that is not fully defined with partial sponsorship from the board of directors” (29 percent), or “no current strategy or plans in place” (9 percent).
On a positive note, 66 percent of respondents expect to increase their risk technology expenditure by 10 percent or more in 2010.
“The growth in expenditure on risk technology is fuelled by increasing interest in corporate governance and risk-based regulation,” says Peyman Mestchian, managing partner at Chartis. “However, many risk technology buyers have learned expensive lessons from Sarbanes-Oxley and Basel II and are looking for smarter, more integrated approaches to implementing risk management systems and breaking down the traditional, silo-based approaches.”
On the supply-side of the market, SAS, Algorithmics, SunGard, Oracle and Fiserv occupy the top five places in the RiskTech100 rankings. Geographically, the list is dominated by the US with 47 firms, followed by the UK with 21.
“Risk technology vendors with a clear strategy for providing a ‘one-stop-shop’ are winning,” says Mestchian. “Technology vendors with point-solutions addressing a narrow set of problems will find it challenging to increase their market share.”
The full report can be obtained, free of charge, on www.chartis-research.com
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